SpiceJet soars 6% as board okays debt restructuring plan worth Rs 2,555 cr

The company's board approved transfer of cargo business in lieu of issuance of securities including Compulsorily Convertible Debentures (CCDs) aggregate to Rs 2,555.77 crore.

Shares of SpiceJet soared 6.3 per cent to a high of Rs 42.20 in Monday's intra-day trade on the BSE after the low-budget airline's board approved issuance of equity shares worth $29.5 million to Carlyle Aviation Partner, as part of the proposed restructuring plan.

At 1 PM, the stock was up 3 per cent at Rs 40.90 on heavy volumes of around 18.36 lakh shares as against the two-week average traded volume of around 7.80 lakh shares on the BSE. Meanwhile, the S&P BSE Sensex was down 0.6 per cent at 59,109.

According to a release issued by the company